This letter reports the diagnostic power of the low-frequency noise analysis (steady-state and periodic large-signal excitation) in MOSFETs subjected to hot-carrier degradation. The LF noise under periodic large-signal excitation is shown to increase more rapidly than the LF noise in steady-state. Moreover the improvement in the LF noise performance due to periodic large-signal excitation, observed for fresh devices, gradually diminishes as the devices are subjected to hot-carrier stress.